In August, the Reserve Bank of India (RBI) recognised the Fintech Association for Consumer Empowerment (FACE) as a self-regulatory organisation (SRO) in the financial technology (fintech) sector.
The banking regulator had received three applications. Of these, one was granted the SRO status; one has been asked to reapply after meeting specific requirements, and the third is still under review.
How many RBI-approved SROs are there for banks and non-banking financial companies (NBFCs) in India?
In 1944, a group of bankers met under the chairmanship of Pranlal Devkaran Nanjee, chairman of Devkaran Nanjee Banking Company Ltd, to form
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